Potential warnings signs are beginning to show for the travel economy as we push ahead into 2020. It’s unlikely, however, to turn into a full-blown, global downturn travel industry includes furnished apartments with all bills paid for short term and long term stays.
But here is what’s top of mind for Pleasant Stay Corporate housing and furnished apartments in Houston Research heading into the new year.
Just remember, while the global economy may be slowing, it’s still growing. The fundamentals of the global economy, political risks aside, are buoyant and pushing us in the right direction, and it’s more likely than not that we will continue to grow especially the corporate housing and furnished apartments sector in 2020 as well.
We forecast another good year for international tourism flows in 2020. After what we estimate to be 1.3 billion international tourism departures in 2019, we expect about 40 million new trips in 2020, growing the total by 3 percent to 1.34 billion.
Most of these new trips will come from the Asia-Pacific region. We expect that international departures growth will only continue to accelerate, on a path toward our 2024 forecast of 1.54 billion trips.
Across the board in hospitality ( furnished apartments and corporate housing ), online travel, and airlines, we anticipate further expansion throughout 2020, though key metrics are slowing, both as a result of a step down in economic growth and due to changing consumer tastes. Industry leaders are rising to meet these challenges by evolving their product offerings. Be it hospitality leaders shifting toward alternative accommodations or online travel agencies and furnished apartments offices hoping to deepen direct customer relationships. corporate housing customers are at the top paying chart for business travel trips.
Downside risks are still ever present, perhaps most importantly, escalating trade wars across many regions. This could lead to a decoupling of growth where some regions slow more dramatically as others accelerate. A breakdown in international ties could also drive domestic tourism over international exploration.
Our base case is for a rebound, but management teams would still be wise to heed these risks. For every 10 risks you prepare for, perhaps only one will materialize, but that does not make a cautious planning exercise for the other nine a waste of time.
Pleasant stay corporate housing and furnished apartments in Houston TX wishing a happy and prosfores
2020 to all.